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Why Dendreon's begging bowl repels investors

This article was originally published in Scrip

Executive Summary

Dendreon's market capitalization hit a 10-year low on 12 August 2014. As if primed to expect bad news in August (Dendreon's stock price and valuation have fallen by more than 30% in each of the last four Augusts), the reaction from the market was almost instantaneous: Dendreon's share price dropped from $2.11 at the close on 11 August to $1.54 at the start of 12 August closing at $1.38, a 35% loss on the day wiping 33% or $115m of the company's increasingly meager valuation.

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